Summary

Planwell Solutions

At Planwell we break everything down into four areas of wealth management:

  • Wealth Accumulation
  • Wealth Maximization
  • Wealth Protection
  • Wealth Transfer

Each of these areas encompass many solutions relevant to each area. Of course, this is not exhaustive but will give you an idea of some of the solutions that we employ for our clients.

WEALTH ACCUMULATION

Starting the process of accumulating wealth of course is important, especially if we would like to maximize our financial resources in the future. Starting a plan is relatively easy and sometimes this starts by simply opening a savings account as a child at a bank. At some point hopefully, it is realized this is not the path to building significant wealth, especially these days with almost no return on bank savings accounts.

We look forward to assisting each client with the process of accumulating wealth in the best way, using the right accounts depending on the goals. However, things get much better as we look at maximizing the wealth that is being built. Please check out the information in the Wealth Maximization section.

  • RRSPs
  • RIFs
  • TFSAs
  • RESPs
  • In Trust Accounts
  • RDSPs
  • Taxable accounts
  • Corporate accounts (business owners)
  • Holding companies (business owners)
  • Group RRSPs (business owners)
  • Mortgage planning

WEALTH MAXIMIZATION

Wealth maximization is very exciting for us as this is where a lot of the tools of excellent financial planning can be used. First, we need to have a financial plan. For us the financial plan is the cornerstone of accumulating wealth, maximizing wealth, protecting wealth and ultimately transferring the wealth.

Many things will be considered as part of the plan to maximize your wealth, such as do you have debt that needs to be reduced? Do you have a budget that you are following? What type of investments should you be using? How can your returns be maximized while risk is lowered? How can you achieve the best after tax returns? Which types of accounts should you be using? How much do you need to save and what rate of return do you need to achieve? What strategies can be used to improve your situation? As life changes for you what then needs to be done to modify your plan so that you stay on track with a good financial plan?

There are many components to maximizing your wealth and it needs to be updated at least once or twice a year.

Debt Reduction Planning:

  • Debt consolidation
  • Debt management

Budgeting:

  • Budget Worksheet
  • Creating a Financial Plan

Importance of Saving

Tax planning:

  • Flow Through Investments
  • Estate Freezes
  • Health and Welfare Trusts

Investments:

  • The Planwell Net Return Portfolios
  • Mutual funds
  • Stocks
  • ETFs
  • Bonds
  • GICs
  • Private Investments
  • Flow Through Investments
  • Segregated funds
  • Annuities
  • Real Estate

Insurance strategies:

  • Estate Bond
  • Funeral planning options

Retirement Planning:

  • Pensions
  • Old Age Security and CPP
  • Property Tax Deferral

Life Changes:

  • Divorce
  • Bereavement
  • New job or job loss
  • Downsizing

WEALTH PROTECTION

It is great to maximize the accumulation of wealth. However, we also need to be realistic that disruptions to our plans can occur and we need to plan as well as we can for unforeseen occurrences.

Everybody’s situation is unique and different risks needs to be assessed and minimized based on the cost/benefit of doing so. As your wealth grows it is prudent to put measures in place to protect against its loss or depletion.

What measures need to be used to protect your wealth as it grows? What measures need to be used to protect you and your family’s financial well being?

  • Life Insurance
  • Disability Insurance
  • Critical Illness Insurance
  • Long Term Care Insurance
  • Group Insurance (business owners)
  • Key Man Coverage (business owners)
  • Shareholder Agreements (business owners)
  • Succession Planning (business owners)
  • Power of attorney
  • Representation agreement 

WEALTH TRANSFER

Inevitably the day comes for us all when it is time to pass on the wealth we have accumulated in our lifetime – we know that in the end we can’t take it with us. However, we know that if we don’t plan properly it is possible that the government could take a good portion of our wealth or our wealth could be distributed in a way that we would not have chosen.

There are many things we can do to ensure that our estate is handled as we want it to be, and there are ways to reduce the tax liability or at least potentially the cost of paying the government.

  • Estates and trusts
  • Alter-Ego Trusts
  • Wills
  • Estate Freezes
  • Charitable trusts
  • Charitable Gifts
  • Inheritance
  • Life Insurance

Planning Well
LeadS To
Living Well.

Email Us To Learn More

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205 - 22314 Fraser Highway Langley, BC V3A 8M6

P: (604) 614-3283 | E: info@planwellfinancial.ca